A consortium of Saudi and UK family wealth funds has launched a bid for one of London’s best-known hotels.
They have offered $1.3 billion for the Grosvenor House Hotel on Park Lane plus majority stakes in New York’s Plaza and Dream Downtown hotels from India’s Sahara India Pariwar group.
A report in the FT suggested UK-based 3 Associates had been planning an offer for some time, but accelerated the bid after currency movements post the EU referendum benefited dollar-linked investors.
Earlier this year 3 Associates bought 1 Pall Mall East in central London for £85 million with Saudi Arabia’s Bin Mahfouz family.
The offer for the Grosvenor House might spark a bidding war, according to the Financial Times, which reported that Sahara is also in talks with Qatari investors over a potential sale.
